The current account deficit, seasonally adjusted, rose $5,253m (55%) to $14,892m in the March quarter 2012. There was a turnaround of $5,316m on the balance of goods and services, resulting in a deficit of $3,062m in the March quarter 2012. The primary income deficit fell $72m (1%) to $11,668m.

In seasonally adjusted chain volume terms, the deficit on goods and services rose $1,816m (14%) from $12,819m in the December quarter 2011 to $14,635m in the March quarter 2012. This is expected to detract 0.5 percentage points from growth in the March quarter 2012 volume measure of GDP.

INTERNATIONAL INVESTMENT POSITION (IIP)

Australia's net IIP liability position was $880.2b at 31 March 2012, an increase of $23.8b on 31 December 2011. Australia's net foreign debt liability increased $7.0b to a liability position of $742.1b. Australia's net foreign equity liability increased $16.8b to a liability position of $138.1b.

NOTES

FORTHCOMING ISSUES

ISSUE (QUARTER)

Release Date

June 2012

4 September 2012

September 2012

4 December 2012

December 2012

5 March 2013

March 2013

4 June 2013

REVISIONS

In original terms, data have been revised back to September quarter 2010.

An improvement to the seasonal adjustment methodology of the current price value of coal, coke and briquettes component has been introduced from September quarter 2005 onwards. Previously the coal, coke and briquettes component had only a length-of-quarter adjustment applied, from September quarter 2005, this component is independently seasonally adjusted. This change in methodology will be closely monitored as part of our ongoing improvement program.

COMMODITY VALUE ADJUSTMENTS

Iron ore and coal

no adjustment has been made to the 'metal ores and minerals' component for March quarter 2012. All previous adjustments have been removed

a negative adjustment of $60m has been applied to the 'coal, coke and briquettes' component for March quarter 2012.

Capital expenditure

the balance of payments goods debits component 'capital goods n.e.s.' includes an estimate of expenditure on capital goods that have changed ownership but have not yet crossed the customs frontier.

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